Recently asked questions relating to Intelligent Finance transfer of equity
- I am looking for a conveyancing solicitor to undertake my transfer of equity. Intelligent Finance are dealing with the refinancing. I thought of asking my financial adviser. I understand he will likely receive a referral fee for recommending someone, but also of benefit will be that he knows the conveyancing solicitor, has dealt with them before. Any flaws you see in this way of thinking?
- Can you tell me how to have someone removed off the title documents to a house where the mortgage is with Intelligent Finance
- I am selling my equity in property in Hendon to my co-owners husband, they are sticking with Intelligent Finance being the the existing mortgage company. We are haggling as to who should cover the fees for the transfer of equity. Should this be shared or is one party liable for the fees for?
- My current mortgage is with Intelligent Finance. Can I transfer equity to someone under 18 years old?
- Taking into account that we have been a number of years separated I have decided to relinquish up my interest in the former home to my husband who is refinancing with Intelligent Finance. Could this transfer of equity be completed inside 28 days?
- My Intelligent Finance home loan is in joint names with ex, who has agreed to be removed and put the house in my name alone. Intelligent Finance will permit the transfer of equity to me solely. Will Intelligent Finance write my boss to verify my salary?
- I got divorced in 2010. I simply never got around to transfer ownership from both our names to my sole name. I now plan to deal with it and there are no objections. Transfer-of-equity is needed. Intelligent Finance is happy to transfer the property and loan in my name (financial checks done). Does she need a conveyancer?
Sample of information requested in a conveyancer form concerning a Intelligent Finance Transfer of Equity
Please state the names and ages of anyone over the age of 17, other than the owners, who will occupy the property with you
Please inform us where you are providing any payment for the Transfer of Equity and to whom and give details of the amount?
Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and give details of the amount?
Who will be responsible for the costs of the Transfer of Equity?
Please give the name(s) and addresse(s) of anyone to be removed from the property title?
Has one of the registered proprietors died? If so please provide us with a copy of all the relevant documents e.g. the will, death certificate etc..
General Advice to read in supporting the above Intelligent Finance transfer of equity Info :
Tax and Legal
There may be various tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Intelligent Finance conveyancing panel and accountant before transferring equity.
Transfer of Equity Conveyancing for Leasehold premises
Should the tenure of your property be leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the landlord. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.
If the transfer of equity is made pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, where a property is being transferred at less than market value between joint owners, an Insolvency Act Indemnity Insurance policy may be required. This is something that that your conveyancer will check with Intelligent Finance This is because, if the outgoing party is made bankrupt in the future, their Trustee in Bankruptcy could argue that they had transferred the property in order to avoid their creditors and apply to the Court to have the transaction set aside. If this happens, it could affect your lender or a future buyer from you as they would lose the property and the lender may not get back
what they have loaned to you. The Insolvency Act Indemnity Insurance policy only protects
lenders such as Intelligent Finance or future buyers from you. If there is no mortgage and the outgoing owner is made bankrupt, there is a risk to you that you could lose your home if the transfer is set aside. The cost of the Insolvency Act Indemnity Insurance policy is dependent on the valuation of the property at the time of completion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Intelligent Finance.
Preparing the Transfer of Equity with a Intelligent Finance Mortgage
When it comes to preparing the the Land Registry documents your lawyer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.
If Intelligent Finance is joining in the transfer to release someone from liability, put the release in the ‘additional provisions’ panel if someone is entering into a covenant relating to the charge, place it in the ‘additional provisions’ panel stamp duty land tax is not payable when there is no chargeable consideration for the transfer (Schedule 3, paragraph 1 of the Finance Act 2003). In the case of a transfer subject to a charge (even if the transfer is by way of gift) or if a property has been transferred for no value and there is an associated discharge, HMRC would view this as an assumption of an existing debt by the purchaser (Schedule 4, paragraph 8 of the Finance Act 2003) and stamp duty land tax may be payable
if you wish you may state in the ‘additional provisions’ panel that ‘This transfer is made subject to a charge dated… in favour of…’
On form AP1, your lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.
Information provided on this webpage is for general information and only applies to England and Wales. It does not constitute advice for members of the public who should contact their lawyer,mortgage broker, insurer and accountant for specific advice relating to transfer of equity. Whilst we endeavour to keep the information up to date and correct we do not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.